Sinclair Broadcast: Laying The Groundwork To Unlock Value


  • Sinclair Broadcast expects to be FCF positive in 2023, even with their large CapEx spending and a weakening ad market.
  • SBGI has repurchased 13% of its shares outstanding from January 1st through May 5th.
  • The company is creating a new holding company with two subsidiaries (broadcast and ventures) to provide more clarity to the market and potentially increase the share price.

Back in January we discussed why we liked Sinclair Broadcast Group (NASDAQ:SBGI) and how it appeared that the market might be undervaluing the company as the sum-of-the-parts appeared to be worth far more